OMB: PAYGO requirements.

OMB website:

President Obama Calls for Restoring Statutory Pay-As-You-Go Requirements

Washington, DC — President Barack Obama Tuesday sent to Congress legislation that would return the federal government to statutory pay-as-you-go (PAYGO) requirements for mandatory spending and tax legislation.

"The ‘pay-as-you-go’ rule is very simple," the President said at the legislation’s announcement.

"Congress can only spend a dollar if it saves a dollar elsewhere. This principle guides responsible families managing a budget. And it is no coincidence that this rule was in place when we moved from record deficits to record surpluses in the 1990s -- and that when this rule was abandoned, we returned to record deficits that doubled the national debt. Entitlement increases and tax cuts need to be paid for. They’re not free, and borrowing to finance them is not a sustainable long-term policy."

There are several PAYGO resources available:

Watch the White House announcement on PAYGO;
Read the President’s full remarks;
Read the President’s letter to Congress on PAYGO;
Read the PAYGO legislation; or
Read the section-by-section description.

or WH twitter on the left side of the bar on my blog.